Development Bank of Nigeria Advances Green Finance Goals with AfDB Collaboration

A delegation of eight senior officials from the Development Bank of Nigeria (DBN) has successfully concluded a five-day high-level study tour at the African Development Bank (AfDB) headquarters in Abidjan, Côte d’Ivoire. The visit, hosted jointly by the AfDB’s Climate Change and Green Growth Department and its Financial Sector Development Department, marks a significant step in deepening cooperation between both institutions in advancing climate-resilient and sustainable finance across Africa.

Focus on Climate Risk Management and Green Investment Strategies

The visit was designed to provide the DBN team with technical insights, tools, and best practices on how to integrate climate and environmental considerations into financial operations. Key focus areas included climate risk assessment methodologies, green project financing, sustainability-linked lending mechanisms, and strategic alignment with international climate finance standards. This capacity-building initiative is part of a broader effort by the AfDB to enhance the capabilities of regional and national financial institutions through knowledge-sharing and institutional partnerships.

Through its African Financial Alliance on Climate Change (AFAC), the AfDB offers hands-on support to financial institutions in the region. AFAC serves as a platform for collaboration, equipping banks and other stakeholders with the technical resources needed to assess climate-related financial risks and unlock new opportunities in climate-smart investments.

Africa’s Climate Vulnerability and Green Growth Potential

Africa remains one of the regions most vulnerable to the adverse effects of climate change. Climate-induced economic losses are expected to escalate to an estimated $50 billion annually by 2030, representing up to 15% of the continent’s GDP. However, this vulnerability is accompanied by a unique opportunity: Africa's vast reserves of land, mineral wealth, forests, and renewable energy sources offer a rich foundation for long-term sustainable development.

One of the major challenges is channeling domestic and international capital into green infrastructure and climate-adaptive projects. Public development banks like DBN play a critical role in this transformation by mobilizing and de-risking investments in key sectors such as clean energy, sustainable agriculture, and resilient infrastructure.

Strengthening Partnerships to Drive Youth and Women Empowerment

Speaking during the visit, Batchi Baldeh, Director of Power Systems Development at AfDB and a board member of DBN, highlighted the importance of targeted investment. “Through targeted investments, the African Development Bank is committed to strengthening institutions such as the Development Bank of Nigeria to foster youth employment and drive resilient and sustainable development,” he stated.

Ahmed Attout, Director of the Financial Sector Development Department, emphasized the strategic alignment between the two banks. “The Development Bank of Nigeria remains a key strategic partner of the Bank in the implementation of flagship programs that are geared at expanding access to finance for underserved sections of the society, especially Women and Youth in Nigeria. Visits like this reinforce our partnership and strengthen our impact, and we look forward to building on the opportunities identified this week,” he remarked.

A Foundation for Long-Term Climate Resilience and Inclusive Growth

Dr. Anthony Nyong, Director of the Climate Change and Green Growth Department, noted that knowledge exchange between African institutions is vital. “The Bank’s Ten-Year Strategy serves as a framework to deepen regional and global partnerships and expand access to concessional financing from mechanisms such as the Green Climate Fund. To this end, the Bank provides technical assistance to regional and national financial institutions to create green jobs and build resilience into their operations,” he said.

Jeremiah Dan-Okayi, DBN’s Head of Strategy and Policy, described the visit as instrumental to advancing DBN’s green finance roadmap. “This visit was timely for the implementation of our green finance strategy. Beyond technical knowledge, it also opened new avenues for collaboration to strengthen our role in building a more resilient and inclusive financial system in Nigeria,” he affirmed.

Looking Ahead: Expanding Climate Finance Across Africa

As climate finance becomes an increasingly critical component of Africa’s development strategy, institutions like the Development Bank of Nigeria and the African Development Bank are stepping up efforts to integrate sustainability across their investment portfolios. By leveraging platforms like AFAC and strategic knowledge partnerships, the continent is laying the groundwork for a future that balances environmental sustainability with economic inclusion.

The collaboration exemplified by this visit demonstrates a shared vision for a greener, more resilient Africa—one where public financial institutions lead the charge in mobilizing climate-smart investments and empowering the most vulnerable communities across the continent.